Indians Splurge The Most On Travel, Home Upkeep May Not Be The Priority, Says Report

by Tejashee Kashyap

In recent times, travel has become a way for us to broaden our horizons and create lifelong memories. The growing affinity of Indians towards travel can be attributed to a combination of economic growth, changing lifestyles and the desire for personal enrichment. Indians may not be ready to spend money on maintaining their homes, but they love to travel. Now, spending increases reflect a rising demand for high-end consumption for travel.

Indians Are Looking Forward To Travelling The Most

According to a Redseer report, India’s private consumption has been strengthening since 2019, despite recent setbacks brought on by pandemics, and it now indicates a rising propensity to spend in categories that are motivated by affluence. These categories include travel, financial services, leisure, and insurance. Education, private automobiles, personal care, food, and apparel are among other sectors with predicted long-term development acceleration.

According to the report, India’s private consumption had fallen to $2.2 trillion in Q3–Q4 FY23. However, this is on the rise and would likely reach $2.4 trillion in Q4 FY24. Indicators from rising industries like credit card spending, air travel, and auto sales, indicate signs of improvement in Q1 FY24.

In recent years, there has been a noticeable increase in the affinity of Indians towards travel. There has been an increase in disposable income among the middle class. This has allowed more people to afford leisure travel and explore new destinations within India and abroad.

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The Reason Behind This Growing Affinity To Travel

The younger generation in India is increasingly valuing experiences and personal growth over material possessions. The rise of social media platforms has played a significant role in influencing travel trends as well.

Additionally, the expansion of budget airlines and improved transportation infrastructure has made travel more accessible and affordable for Indians. The availability of low-cost flights and convenient modes of transport make it easier for people to explore new places.

The younger generation in India is increasingly prioritising experiences and personal growth over material possessions. Travel has become a way to break free from the routine and embark on transformative journeys that offer new perspectives. Indians are seeking immersive cultural experiences, adventure, and self-discovery through travel.

So, what do you like about travelling the most?

Cover image credits: Canva